Predatory Payday Loans

Back to learn

Predatory payday loans and why you should avoid them

Rounding it up

  • Payday loans are a ridiculously expensive way to borrow money; they suck people into a cycle of debt, where they continuously borrow more money to pay off the previous debt.

  • Payday lenders have a predatory reputation for a reason and you should do everything you can to avoid them, like cashing in on your vacation days or opening a line of credit.

  • If you’ve exhausted alternative options, seek advice from reputable professionals like an accredited credit counsellor.

  • There’s never a bad time to start building up your slush fund; start saving early so you can prepare for emergencies and avoid payday lenders.

10 min read

Ayaz Virani
#debt#payday#loans#lenders

Recent Articles

Bank of Canada raises interest rates

How fast does your credit score go up in Canada?

Will personal loans impact my credit score?

Can I get a personal loan with bad credit?

What kind of loans can I get in Canada?

Should I split my money between banks?

Related articles

What kind of loans can I get in Canada?

8 mins

Dan Bucherer

There are many types of loans in Canada. Read on to learn more about what you can finance in Canada with a loan.

What kind of loans can I get in Canada?

8 mins

Dan Bucherer

There are many types of loans in Canada. Read on to learn more about what you can finance in Canada with a loan.

#loans

#debt management

#canadian

logo.koho

Company

AboutCareersCultureGamerLearnPartnersTravelStatus

Connect

The KOHO Mastercard® Prepaid card is issued by KOHO Financial Inc. pursuant to license by Mastercard International Incorporated. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

By using this website, you accept our Terms and Conditions. Follow these links for more information on our Privacy Policy, Accessibility Policy and Multi-Year Accessibility Plan. © 2022 KOHO Financial Inc.